Strategy (NASDAQ: MSTR) bought 4,603 bitcoin for $369.7 million in the week ended Aug. 30, 2026, breaking a 10-week purchase pause. The buy lifted holdings to 845,050 BTC, still below the 845,256 BTC it held in early June.
Key Takeaways
- Strategy bought 4,603 bitcoin for $369.7 million at an average of $80,318 per coin, its first buy in 10 weeks.
- Holdings reached 845,050 BTC, still short of the 845,256 BTC the company reported on June 8, 2026.
- Strategy funded the buy by selling 4,531,421 MSTR shares for $602.8 million in net proceeds.
- Michael Saylor said Strategy holds $6.71 billion in dollar assets and carries net leverage of 0.0%.
- Strategy repurchased 1,557,177 STRC preferred shares for $151.8 million during the same week.
What Happened?
Strategy, formerly MicroStrategy, disclosed the purchase in an 8-K filing with the Securities and Exchange Commission on Aug. 31. It paid an average of $80,318 per coin, above the $75,412 average cost of its full position.
The buy closed a stretch in which Strategy raised capital and bought nothing. Its previous weekly filing, covering Aug. 17 to Aug. 23, reported 18.26 million MSTR shares sold for roughly $2 billion and no bitcoin added, leaving the position frozen at 840,447 BTC.
Strategy had been a net seller since June 22, offloading about 7,000 BTC for roughly $432.5 million while it paused purchases through July and built cash.
Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR https://t.co/XAAEZV5Gil
— Michael Saylor (@saylor) August 31, 2026
Where the $602.8 Million Went?
Strategy split the proceeds four ways. The filing allocated $369.7 million to bitcoin, $151.8 million to STRC preferred repurchases, $50.7 million to STRC dividends, and $30.0 million to the USD Cash account.
The repurchases covered 1,557,177 STRC shares and leave $364.8 million under the Digital Credit Securities Repurchase Program announced June 29, 2026. A separate authorization holds $1.0 billion for MSTR buybacks. Strategy described USD Cash as a pool it may deploy for purposes that “may include acquiring bitcoin, expanding the USD Reserve, broader capital management uses, and other similar purposes.“
Net Leverage at Zero
Saylor, Strategy’s executive chairman, said net leverage stands at 0.0% and that USD duration, the span its dollar assets can cover preferred dividends, rose by 23 days to 4.0 years. Neither figure appears in the 8-K.
The filing states only that “the balances of the USD Reserve and USD Cash were $5.10 billion and $1.61 billion, respectively.” Strategy carries about $6.75 billion of convertible debt against roughly $1.7 billion in annual preferred dividends, according to CoinDesk. Dollar assets of $6.71 billion now sit just under that debt.
The pattern repeats a summer habit. Strategy raised $544.5 million through its ATM in late July and added no bitcoin, routing the cash to preferred obligations.
Two questions the disclosure leaves open: whether weekly purchases resume, and how long share issuance can fund dividends, buybacks and bitcoin at once. Holders tracking the structure can check each weekly 8-K for the proceeds allocation table and the balance left under the preferred buyback program.
The Bottom Line
This purchase reads as a funding shift more than a change in conviction. Strategy sold bitcoin through the summer to meet preferred obligations, then reversed the order last week, issuing equity to cover the dividend, the buyback and the bitcoin from a single raise. Bitcoin took what was left after the credit stack was paid.
Price tells the rest. The company sold roughly 7,000 BTC for about $432.5 million during the pause, then paid $369.7 million for 4,603 coins to start rebuilding, above its own $75,412 cost basis. It was adding bitcoin in bulk in April, when a $330 million week carried holdings near 767,000 BTC. Rebuilding the position now costs more per coin, and the equity machine feeds the preferred stack first.
